They don’t have a team and haven’t played a game but you can bet on the expansion Ottawa RedBlacks to win the CFL championship next season.

Not surprisingly, the latest incarnation of Canadian Football in Ottawa is the biggest longshot in odds to win the 2014 Grey Cup.

The reigning champs, crowned last weekend after demolishing the Hamilton Tiger Cats, are the Saskatchewan RoughRiders and they are currently 3/1 odds to repeat, according to online sportsbook Bodog.

Two other Western Conference teams are the second and third betting choices. The BC Lions are 7/2 and the Calgary Stampeders are 4/1 as of late November.

Other than Ottawa, which begins play after failed franchise iterations called the Rough Riders (yes, two teams called Rough Riders in a nine-team league) and the Renegades, Winnipeg is the next biggest longshot at less than half of Ottawa’s number (12/1).

The league is older than the NFL and its championship trophy is the oldest in professional sports. This year’s final was played in -30 degree weather in Regina, as the Roughriders hosted the Grey Cup final.

The league plays on a larger field with huge end zones, utilizes 12 players instead of 11 and operates on a three-down system of offense.

Most sportsbooks offer CFL odds and savvy football bettors can often find great wagering value because low betting volumes sometimes means the oddsmakers do not have to be as sharp.

Winnipeg was a 15/1 Grey Cup long shot a month ago, but they have tumbled all the way to 100/1 odds in the latest CFL futures posted this week.

Two Western Division teams lead the way, according to Bodog, at 2/1. The Calgary Stampeders (9-2) and Saskatchewan Roughriders (8-3) top the list while the Toronto Argonauts own the best odds among Eastern teams at 9/2.

They are just 7-4 however and just about any team could come out of the East.

Preseason favorite BC has slipped to 5/1, while Edmonton is 50/1, joining the Blue Bombers are CFL long shots. [ Full CFL standings ]

Seven weeks remain in the regular season before CFL playoffs begin. And in a small eight-team league, no team is truly out of contention.

But the odds say that Winnipeg and Edmonton (each at 2-9) have a lot of catching up to do.

Check out the latest Canadian Football League futures below courtesy of Bodog.

The Saskatchewan Roughriders haven’t won the Grey Cup since 2007, but if the first two months of the season are any indication, they are looking like the team to beat.

Quarterback Darian Durant has thrown a CFL-leading 17 touchdown passes without a single interception while RB Kory Sheets leads the CFL in rushing with 919 yards on the season so far.

Durant and Sheets have led the Roughriders' offense to 33.4 points per game, which ranks best in the CFL. To go along with the league’s best offense, Saskatchewan has also allowed fewer points than any other team at 21.4 per game.

The 6-1 SU and 5-2 ATS Roughriders are the current 9/5 favorite in CFL football betting odds for the Grey Cup game in November.

The Calgary Stampeders handed Saskatchewan its only loss of the season so far, topping the Roughriders 42-27 at home in Week 6. Running back Jon Cornish leads the CFL with eight rushing touchdowns and is second in rushing yards with 749.

He, along with three capable quarterbacks that have combined for 1,823 passing yards and 14 touchdowns, lead an offense that averages 32.3 points per game. Calgary is 5-2 SU and ATS, and is currently going off at 13/4 to win the Grey Cup.

Also in the running out west are the BC Lions (7/2), who won the Grey Cup two years ago and are 5-2 SU and 4-3 ATS so far this season. While the Lions have struggled to find their footing on offense so far this season, they are a perfect 4-0 SU at home and are second in the league in defensive scoring allowing 23.4 points per game.

The defending Grey Cup champion Toronto Argonauts are also currently listed at 7/2, and are already running away with the top spot in the East with a 5-2 SU and 4-3 ATS record.

Quarterback Ricky Ray is enjoying a sensational year, ranking second in the CFL in passing yards (1,768) and touchdowns (14) with no interceptions as the Argos average 32.8 points per game.